I wasn't too happy about the duration (seems short) of primary wave 1 (circle 1) in my prev count as compared to 2012 so I have relabeled the pattern as an expanding leading diagonal
. The reason I haven't labeled it as a diagonal in the past was because of the candle shadow at wave (4) dipping below wave (2). If we ignore this small dip, because of lack of liquidity or immature markets, we can see clearly this is an "expanding pattern". Note, expanding leading diagonals occur at the beginning of a bull
markets (impulse waves) as wave number one.
BTCCHINA hasn't taken out the blue dashed line yet. BITSTAMP